US: New York & Co narrows Q4 guidance
New York & Co operates around 514 stores
Specialty apparel chain New York & Co has narrowed its fourth-quarter earnings guidance but offered a positive outlook despite trading in what it says is a "challenging" retail environment.
The US retailer, which operates around 514 stores, said it expects fourth-quarter fiscal 2013 operating income to be in the range of US$5m to $6.5m. This is at the midpoint to higher end of its previous forecast of $3m to $7m, it said.
For the nine week period ended 4 January, comparable store sales edged up 1%. The company has narrowed its outlook for the 13 week period ended 1 February but did not give figures.
"In view of the challenging retail environment, we are pleased with our holiday performance which continued the momentum we experienced throughout the first three quarters of the year," said CEO Gregory Scott.
"Our ability to deliver positive comparable store sales, continued improvement in merchandise margins, and projected fourth quarter operating income well within our guidance is a strong validation of our six keys to success. We look forward to continuing our positive performance in 2014."
Specialty apparel chain New York & Co has said it expects lower sales and gross margin in its current quarter as it revealed a 34.3% drop in fourth-quarter earnings....
- Garment firms set sights on Vietnam amid TPP talks
- Garment manufacturers eye Myanmar outsourcing
- Changes in China cotton policies cause uncertainty
- PSF 2014: No one size fits all in apparel sourcing
- PSF 2014: Shifting focus from cost to consumer
- Wage strike by Cambodia garment workers falls flat
- H&M still committed to higher wages and Bangladesh
- Vietnam Q1 textile and garment exports surge 21.9%
- Alliance inspections more than 50% complete
- Gap to grow China sales to $1bn in three years
- Ethiopia – the emerging textile and clothing industry
- Trade and trade policy: clothing imports, consumer expenditure and trends in five emerging markets: Brazil, Colombia, India, Kazakhstan and Peru, 4th quarter 2013
- Antimicrobial fibres, fabrics and apparel: innovative weapons against infection
- Sustainable Textiles for Apparel: Fact, Fiction and Future Prospects
- Jeans in Italy